Fulton Bank N.A. trimmed its holdings in shares of 3M Co (NYSE:MMM) by 1.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,993 shares of the conglomerate’s stock after selling 177 shares during the quarter. Fulton Bank N.A.’s holdings in 3M were worth $3,530,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Oregon Public Employees Retirement Fund boosted its position in shares of 3M by 17,350.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock worth $141,000 after purchasing an additional 26,742,875 shares during the period. Norges Bank bought a new position in shares of 3M in the fourth quarter worth approximately $918,305,000. BlackRock Inc. boosted its position in shares of 3M by 3.0% in the fourth quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock worth $7,435,433,000 after purchasing an additional 1,152,714 shares during the period. Bessemer Group Inc. boosted its position in shares of 3M by 2,768.8% in the fourth quarter. Bessemer Group Inc. now owns 578,657 shares of the conglomerate’s stock worth $110,258,000 after purchasing an additional 558,486 shares during the period. Finally, Morgan Stanley boosted its position in shares of 3M by 11.9% in the third quarter. Morgan Stanley now owns 4,042,904 shares of the conglomerate’s stock worth $851,879,000 after purchasing an additional 430,262 shares during the period. Institutional investors own 67.11% of the company’s stock.
In other news, insider Paul A. Keel sold 9,410 shares of the business’s stock in a transaction on Friday, February 8th. The shares were sold at an average price of $199.14, for a total value of $1,873,907.40. Following the transaction, the insider now owns 23,009 shares of the company’s stock, valued at $4,582,012.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Inge G. Thulin sold 5,863 shares of the business’s stock in a transaction on Friday, March 29th. The stock was sold at an average price of $207.78, for a total transaction of $1,218,214.14. Following the completion of the transaction, the chairman now directly owns 268,188 shares in the company, valued at approximately $55,724,102.64. The disclosure for this sale can be found here. Insiders sold 63,915 shares of company stock worth $12,853,882 in the last three months. Insiders own 0.83% of the company’s stock.
3M (NYSE:MMM) last released its earnings results on Thursday, April 25th. The conglomerate reported $2.23 EPS for the quarter, missing the consensus estimate of $2.50 by ($0.27). 3M had a return on equity of 57.42% and a net margin of 17.43%. The company had revenue of $7.86 billion during the quarter, compared to analysts’ expectations of $8.02 billion. During the same period last year, the firm posted $2.50 EPS. 3M’s quarterly revenue was down 5.0% compared to the same quarter last year. On average, equities research analysts predict that 3M Co will post 9.45 EPS for the current year.
A number of equities analysts have weighed in on MMM shares. reiterated a “sell” rating on shares of 3M in a research report on Tuesday, February 12th. Morgan Stanley dropped their price target on shares of 3M from $201.00 to $199.00 and set an “equal weight” rating for the company in a research report on Friday, March 22nd. JPMorgan Chase & Co. dropped their price target on shares of 3M from $158.00 to $154.00 and set an “underweight” rating for the company in a research report on Friday, March 29th. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Finally, Barclays dropped their price target on shares of 3M from $189.00 to $188.00 and set an “underweight” rating for the company in a research report on Wednesday, April 3rd. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $197.92.
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3M Company Profile
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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